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February 10, 2009    

Nationwide urges UK to start saving

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by David Masters
Nationwide urges UK to start saving

UK consumers are being encouraged to start saving after a survey revealed that less than half of Brits regularly put money aside for a rainy day, whilst almost a quarter never save a penny.

The Nationwide poll found that just 46% of those surveyed saved money on a regular basis.

An additional 31% said they save occasionally.

However, nearly one in four (23%) never put money into a savings account.

Meanwhile, 60% of those who do save said they struggle to meet their needs with the money they keep aside.

Over half (51%) of those surveyed said government monetary policy discourages them from saving, whilst 54% said it’s a bad time to be saving at the moment.

The results shocked Nationwide, who believe that now more than ever is an important time to be saving.

Andy McQueen, savings director at Nationwide, said: “We are concerned about the number of consumers who are not saving at the moment, as a proportion think that now is a bad time to save.

“We understand that as household finances are stretched, saving can be a challenge but it’s never been more important to build up savings to act as a buffer in uncertain times.”

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